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December 2016

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The Government of India has bettered its own financial targets during 2014-15, and the country’s fiscal deficit during the year stands at 4 per cent as against the target of 4.1 per cent, an official statement said.

The revenue deficit for financial year 2014-15 that ended on March 31 stands at 2.8 per cent as against the target of 2.9 per cent, according to the provisional accounts released by the Ministry of Finance.

“As a result of prudent policies and commitment to fiscal consolidation, the fiscal deficit at the end of 2014-15, stands at Rs 5,01,880 crore which is 98 per cent of the projected figure in revised estimate (RE) 2014-15,” the statement said.

Affirming that the government is firmly committed to path of fiscal consolidation, the ministry said that fiscal deficit as a percentage of GDP is 4 per cent in 2014-15, as against the RE of 4.1 per cent. India’s fiscal deficit was 4.4 per cent for 2013-14.

Indian government’s revenue deficit at the end of 2014-15 is Rs 3,58,306 crore which is 99 per cent of the projected figure in the RE 2014-15 and is 2.8 per cent of the GDP as against the RE of 2.9 per cent. For FY14, revenue deficit was 3.2 per cent of the GDP.

In 2014-15, gross tax collections increased by 9 per cent to Rs 12,45,037 crore as compared to Rs 1,06,303 crore in the previous year. The gross tax collections amount to 9.8 per cent of GDP.

At the end of 2014-15, Plan expenditure stands at Rs 4,35,621 crore while non-Plan expenditure is Rs 11,91,140 crore, the ministry said.

The provisional figures have been compiled on the basis of March data and anticipated adjustments received from various ministries. However, these figures may undergo certain changes during the final compilation of accounts after audit. (RKS)